|Cypress Bioscience soars on takeover bid. Cardiac Science finalizes recall plan|
|By BioMedReports.com Staff|
|Monday, 19 July 2010 18:54|
Below is a list of the companies that made news, including some that soared as buyout takeover targets.
Cypress Bioscience, Inc. (NASDAQ: CYPB) soared today after the company received an unsolicited offer from Ramius Value and Opportunity Advisors LLC to acquire all of the outstanding shares of the Company that it does not already own for $4.00 per share in cash. The Ramius offer described in the letter represents a 60% premium over the July 16, 2010, closing price and a 74% premium over the average closing price since the acquisition of BioLineRx’s BL-1020 drug. Ramius currently owns 9.9% of the outstanding common stock of Cypress, making it one of the Company’s largest shareholders.
After the bell today Cypress responded to the offer and said it would review it. The company has advised its shareholders to take no action at this time.
Shares of Cypress gained 85 cents or 34%, closing the day at $3.35.
Shares of BMP Sunstone Corp. (NASDAQ:BJGP) rose $.61 and ended the day as one of the Nasdaq stocks posting largest percentage increases following our report about buyout rumors. The deal for the buyout could close very quickly according to our sources.
Cardiac Science Corporation (Nasdaq:CSCX) jumped more than 12% today after the company issued an update to customers affected by a recall first announced by the Company on November 13, 2009. Under an updated recall plan developed by the Company and reviewed by the FDA, certain U.S. customers are eligible for device replacement.
Under this plan, Cardiac Science will replace approximately 24,000 AEDs used by certain first responders and medical facilities in the United States. First responders include police, fire and ambulance services. Medical provider facilities include hospitals, certain medical clinics, dialysis centers, and assisted living facilities.
The medical device maker indicated that the replacement plan will cost $10 million to $15 million, in addition to the $18.5 million expense it previously accrued for the recall of the defibrillators, which was originally announced late last year.
Shares moved up 14 cents or 12.39% to $1.27.
Candela Corporation, a subsidiary of Syneron Medical Ltd. (NASDAQ:ELOS), today announced that it has received registration approval from the Japanese Ministry of Health, Labour and Welfare to market its Vbeam® long pulsed dye laser system in Japan for the treatment of vascular conditions. The Candela Vbeam is the first and only long pulsed dye laser system approved for use in Japan.
Mylan Inc. (Nasdaq:MYL) today announced that its subsidiary Mylan Technologies Inc. has received final approval from the U.S. Food and Drug Administration for its Abbreviated New Drug Application for Clonidine Transdermal System USP, the generic version of Boehringer Ingelheim's Catapres-TTS®, a treatment for hypertension. Clonidine Transdermal System had U.S. sales of approximately $313 million for the 12 months ending March 31, 2010.
Oncolytics Biotech Inc. (TSX:ONC, NASDAQ:ONCY) today announced that it has received a No Objection Letter from Health Canada to conduct its Phase 3 trial examining REOLYSIN in combination with paclitaxel and carboplatin in patients with platinum-refractory head and neck cancers. This is the same trial that was agreed to by the U.S. Food and Drug Administration, under the Special Protocol Assessment process, the U.K. Medicines and Healthcare products Regulatory Agency and the Belgian Federal Agency for Medicines and Health Products.
"We are particularly pleased that Canada will be involved in this international trial; adding centres in multiple jurisdictions should give us access to a broader patient population and help increase the pace of enrollment," said Dr. Brad Thompson, President and CEO of Oncolytics. "This will be the first Phase 3 study using a live oncolytic virus to be conducted in Canada and we expect to have Canadian centres open to enrollment in the fourth quarter of 2010."
Pfizer Inc. (NYSE:PFE) today announced, at the request of the U.S. Food and Drug Administration (FDA), the suspension of the chronic low back pain and painful diabetic peripheral neuropathy studies in the clinical program for the investigational compound tanezumab. Investigation of the compound continues in some areas of high unmet medical need, including cancer pain.
RegeneRx Biopharmaceuticals, Inc. (NYSE Amex:RGN) today announced a research team from the Henry Ford Hospital in Detroit, MI, reported that Thymosin beta 4 (T?4), administered to rats after embolic stroke, improved neurological functional outcome compared to control animals.
ZIOPHARM Oncology, Inc. (Nasdaq: ZIOP) today announced the initiation of the pivotal Phase III clinical trial for palifosfamide (ZymafosTM) in patients with front-line metastatic soft tissue sarcoma. The study, called PICASSO 3, is an international, randomized, double-blinded, placebo-controlled trial designed to enroll approximately 424 patients with metastatic soft tissue sarcoma who have never been treated with chemotherapy for metastatic disease. The study is designed to evaluate the safety and efficacy of palifosfamide administered with doxorubicin compared with doxorubicin administered with placebo, with no crossover between arms. Progression-free survival (PFS) is the primary endpoint for accelerated approval, with overall survival (OS) as the primary endpoint for full approval. Palifosfamide has Orphan Drug status in both Europe and the United States.
Abtech Holdings, Inc. (OTCBB: ABHD) is pleased to announce that it has entered into a definitive binding agreement and plan of merger with AbTech Industries, Inc., a Delaware corporation.
Alnylam Pharmaceuticals, Inc. (Nasdaq: ALNY), a leading RNAi therapeutics company, today announced that management will be hosting a virtual RNAi Roundtable to discuss ALN-TTR for the treatment of transthyretin (TTR)-mediated amyloidosis (ATTR) on Thursday, July 22, 2010 at 2:00 p.m. ET.
AmStem Corporation (OTCBB: AMST), a leading provider of biotherapeutic and cosmetic stem cell products, stem cell collection and storage expertise and access to nanotechnology vital to stem cell research, announced today that filing of its annual financial statements for fiscal year ended March 31, 2010 with the Securities and Exchange Commission will be delayed.
Aoxing Pharmaceutical C mpany, Inc. (NYSE Amex: AXN) a specialty pharmaceutical company focusing on research, development, manufacturing and distribution of narcotic and pain-management products, today announced the Company has enrolled over 120 patients in its on-going Phase III clinical studies of oral TJSL Capsules, a novel investigational drug to treat primary dysmenorrhea ("PD"), or menstrual pain, in adult women.
Aspen Technology, Inc. (NASDAQ: AZPN), a leading provider of software and services to the process industries, today announced that GlaxoSmithKline, AstraZeneca and other pharmaceutical industry leaders are reducing their research and development time and costs using newly patented technology that is part of AspenTech’s aspenONE Process Development for Pharmaceuticals software.
BIOLASE Technology, Inc. (NASDAQ: BLTI), he world's leading dental laser company, is pleased to announce the appointment of two veterans of business, finance and medicine to its Board of Directors.Alex Arrow, M.D., CFA, and Norman J. Nemoy, M.D., F.A.C.S., will join the Board effective immediately, replacing George V. d'Arbeloff and Robert M. Anderton, D.D.S., who have resigned their positions effective immediately.
BioTime, Inc. (NYSE Amex: BTIM) filed an amendment to its Current Report on Form 8-K with the Securities and Exchange Commission reporting BioTime’s acquisition of ES Cell International Pte Ltd, a Singapore private limited company ("ESI").
Celgene Corporation (NASDAQ: CELG) senior management will host a conference call and live audio webcast on Thursday, July 29, 2010 at 9 a.m. ET to discuss the company's second quarter 2010 financial and operational results.
China BCT Pharmacy Group, Inc., (OTC Bulletin Board: CNBI), a leading pharmaceutical distributor, retail pharmacy, and manufacturer of pharmaceutical products in Guangxi Province, China, today announced that on July 15, 2010 the Company engaged PKF, Certified Public Accountants, A Professional Corporation, Glendale, California ("PKF California"), a member firm of the PKF International Limited network of legally independent firms, as its principal independent auditor, replacing PKF, Certified Public Accountants, Hong Kong, China ("PKF HK"), also a member firm of the PKF International Limited network of legally independent firms.
Corgenix Medical Corporation (OTC Bulletin Board: CONX), a worldwide developer and marketer of diagnostic test kits, and the ELITech Group, a Paris, France-based, privately held group of companies and worldwide manufacturer and distributor of in-vitro diagnostic equipment and reagents, today announced a broad strategic alliance. Terms of the agreement include:
Cubist Pharmaceuticals, Inc. (NASDAQ: CBST), a leading acute care therapeutics company, today announced that its President and CEO Michael Bonney will preside over the NASDAQ Opening Bell on Tuesday, July 20, 2010 at 9:30 a.m.
CytRx Corporation (NASDAQ: CYTR), a biopharmaceutical company specializing in oncology, announces progress with its clinical program to evaluate the preliminary efficacy and safety of its drug candidate bafetinib in three oncology indications.
Dyax Corp. (NASDAQ:DYAX) today announced that it has launched its newly enhanced product website featuring its comprehensive financial assi tance program. KALBITOR® (ecallantide) is approved for the treatment of acute attacks of hereditary angioedema (HAE) in patients 16 years of age and older.
Encorium Group, Inc. (Nasdaq: ENCO) a full service multinational clinical research organization (CRO) conducting studies in over 30 countries for many of the world's leading pharmaceutical and biotechnology companies, today announced that it has acquired Progenitor Holdings AG, a corporation organized in Switzerland and its wholly-owned subsidiaries organized in Mexico, Panama, Argentina, Chile, Switzerland, India and Hong Kong for cash and stock valued at EURO 1.7 million, plus earn-out consideration of cash and stock with a value of up to EURO 1.5 million.
Endo Pharmaceuticals (Nasdaq: ENDP) CEO Dave Holveck, along with company executives, marked Endo's 10th anniversary as a publicly traded company by ringing the opening bell at the NASDAQ Marketsite on Monday, July 19, in Times Square in New York.
Geron Corporation (Nasdaq:GERN) today announced enrollment of the first patient in a randomized Phase 2 clinical trial of its telomerase inhibitor drug, imetelstat (GRN163L), as maintenance therapy following platinum-based induction therapy for patients with non-small cell lung cancer (NSCLC).
GLG Life Tech Corporation (TSX:GLG)(NASDAQ:GLGL) the vertically-integrated leader in the agricultural and commercial development of high quality stevia, announced today the launch of BlendSure™ at the Institute of Food Technologists conference in Chicago, IL.
Idenix Pharmaceuticals, Inc., (Nasdaq: IDIX) announced today that it will report its financial results for the second quarter of 2010 on Monday, July 26, 2010 after U.S. financial markets close.
Lorus Therapeutics Inc. (TSX:LOR)(OTCBB:LRUSF), a biopharmaceutical company specializing in the discovery and development of pharmaceutical products and technologies for the management of cancer, today announced the approval of the Investigational New Drug (IND) application for its anticancer drug candidate LOR-253 by the U.S. Food & Drug Administration (FDA).
MDRNA, Inc.(NASDAQ: MRNA) announced today that it is encouraging all stockholders to promptly submit their voting instructions for the annual meeting of stockholders to be held on Wednesday, July 21, 2010, at 10:00 a.m. Eastern Time.
Medidata Solutions (Nasdaq: MDSO), a leading global provider of SaaS-based clinical development solutions, today announced that it will release its second quarter 2010 financial results following the close of the market on Thursday, August 12, 2010.
NanoViricides, Inc. (OTC BB: NNVC.OB) reports that the results of the evaluation of several of its nanoviricides® anti-Ebola agents were presented July 17th at the Annual Meeting of the American Society for Virology, July 17-21, at Montana State University, Bozeman, MT.
Neoprobe Corporation (OTCBB: NEOP), a diversified developer of innovative oncology surgical and diagnostic products, announced today that the Company's Board of Directors has elected a Vice Chairman, approved the creation of a scientific advisory board (SAB), and approved senior executive promotions.
PharMerica Corporation (NYSE:PMC) announced today that it will provide an online simulcast of its second quarter earnings conference call on Friday, August 6, 2010.
Phase Forward (NASDAQ: PFWD), a leading provider of data management solutions for clinical trials and drug safety, will participate at CDISC Interchange Japan 2010, July 2 -23 at the Toshi Center Hotel in Tokyo.
Seattle Genetics, Inc. (Nasdaq:SGEN) announced today that it will report its second quarter 2010 financial results on Tuesday, July 27, 2010, after the close of financial markets.
Solta Medical, Inc. (Nasdaq: SLTM), a global leader in the medical aesthetics market, today announced that it will release its financial results for the second quarter ended June 30, 2010, after market close on Tuesday, August 3, 2010.
Spectrum Pharmaceuticals, Inc. (NasdaqGM:SPPI), a biotechnology company with fully integrated commercial and drug development operations, with a primary focus in hematology and oncology, today announced the appointment of George Tidmarsh, M.D., Ph.D., to the position of Senior Vice President, Chief Scientific Officer and Head of Research and Development Operations.
Yasheng Group (PINKSHEETS: YHGG) is positioned for steady long-term growth as a result of investments to expand cultivation as the demand for food and agriculture products is seen to rise from population growth, increasing demand for bio-fuel feedstock, and continued scarcity of arable land.
Yongye International, Inc. (Nasdaq: YONG) a leading manufacturer, developer and distributor of "Shengmingsu" brand plant and animal nutrient products in China, today announced preliminary revenue results for the second quarter ended June 30, 2010, and updated its sales guidance.
Biotech investors interested in seeing more details about these companies and a full list of their related stories can do so by typing the stock ticker symbol into the Stock Quotes box on the right side of the page.